Bank of Montreal 2002 Annual Report Download - page 43

BMO FINANCIAL GROUP ANNUAL REPORT 2002 39
Personal and Commercial Distribution – Canada
Description and Strategy
Personal and Commercial Distribution comprises the more
than 17,000 sales, service and support personnel who address
customers’ needs through branches, instore branches and ABMs,
and through telephone, online and business-to-business channels.
Our strategy is to sustain continued improvements in our distri-
bution capabilities. This will facilitate our goal of being the only
financial services provider our customers will ever need, by
offering them an integrated multi-channel approach to managing
all aspects of their financial affairs.
Overview of Performance
We installed Pathway Connect, our completely new sales and
service technology platform, in 835 branches across Canada
in 2002, with installation at the remaining branches and call
centres to be completed early in 2003. This platform increases
efficiency and effectiveness by allowing staff to address customer
needs through simplified, paperless processes and fast access to
relevant customer information. To complement this new platform,
we have developed customer knowledge and decision support
software that enables us to focus our marketing efforts and to
offer clients relevant solutions at the right time, consistently
across all channels.
We have substantially completed the streamlining of our sales
management processes and refined accountabilities in the
branch network. Working in partnership with Private Client
Group, we have increased the number of Investment Fund
Specialists and Resident Investment Advisors to more than 800.
2003 Focus
We will continue to focus on the basics of improving our people,
processes and technology.
▪
Continue to align our sales and service resources with our
customers’ needs, values and potential by addressing sales
and service roles, accountabilities, behaviours, performance
measurement, rewards and recognition.
▪
Continue to improve our customer loyalty scores and close the
shortfall relative to the competition, in both the personal and
small business banking segments.
▪
Partner with Private Client Group to continue to increase
referrals and increase our share of our customers’ business.
▪ Fully implement and utilize the capabilities of our customer
knowledge and decision support software, beginning with the
small business and direct banking businesses.
▪
Continue to automate and refine processes to improve our
customers’ sales experience.
▪ Extend the services offered through our online banking channel.
Personal Banking
Description and Strategy
Personal Banking addresses the everyday banking, borrowing,
savings and insurance needs of retail customers in Canada.
Our success will be achieved by supporting an effective sales
force with cross-channel integration and superior marketing
and sales capabilities.
Overview of Performance
We increased our share of our customers’ business for personal
banking products through significant growth in our Premium
Rate Savings account and mortgage balances. However, in 2002
the benefits of this growth to revenue were largely offset by
continued pressure on spreads. We were more focused in our
marketing efforts through initiatives such as Help Provided, and
we expanded our product offerings with the development and
launch of term life and universal life insurance products.
2003 Focus
▪ Continue to build momentum in our balance sheet growth.
▪ Improve customer loyalty scores and close the shortfall relative
to the competition.
▪ Continue to shift our sales and marketing focus from a product-
centred to a customer-centred approach.
▪Continue to improve the efficiency of our processes.
Cardholder Services
Description and Strategy
Cardholder Services provides Canadian retail consumers and
affiliate partners with MasterCard
®
4
products and services. We
also provide MasterCard commercial products to commercial
and small business clients in Canada and Chicagoland, and
e-business solutions to corporate clients across North America.
Overview of Performance
We recently introduced Mosaik
®
MasterCard. This new card
allows retail customers to select the rewards, special features
and rate options that suit their specific needs and provides them
the flexibility to amend any aspect of their credit card as their
requirements change. Within retail, our net sales continued to
grow at market rates, while credit card loans grew at a more
modest pace. The corporate business grew a robust 50% over
the prior year.
2003 Focus
▪Retail Card – Through our Mosaik MasterCard, continue to
differentiate ourselves as a leading credit card issuer and
enhance our profitability.
▪Corporate Card – Continue to enhance e-business and com-
mercial products through customized solutions.
Business Segments